SUNNYVALE, Calif., Dec. 18, 2017 /PRNewswire/ -- SAIC Capital, the venture arm of the largest auto company on China's A-share market, announced today a strategic partnership with Plug and Play, a global startup ecosystem and venture fund specializing in the development of early-to-growth stage technology startups in 13 verticals.
"We are very excited to become a member of the Plug and Play Mobility ecosystem, and we look forward to participating in investment opportunities and to provide strategic and technical guidance," says Michael Cohen, Investment Director at SAIC Capital. "We believe that Plug and Play fits very well into our strategic approach regarding investment and technology innovation," says Lei Qi, an Investor with SAIC Capital.
SAIC Capital will be joining Plug and Play's mobility program in 2018 to boost their innovation and investment efforts. The partnership will focus on Autonomous, Connected, Electric and Sharing cross the mobility vertical, furthering the company's efforts to promote new energy vehicles and the commercialization of internet connected cars.
"The mobility industry plays an integral part in Plug and Play's ecosystem and it is essential to have a forward-thinking corporation like SAIC provide valuable input to our batches," says Saeed Amidi, Founder and CEO of Plug and Play. "SAIC Capital will be able to select the best that startups have to offer in logistics, e-commerce, travel, energy saving, and charging to pioneer the automotive future."
About SAIC MOTOR
SAIC Motor Corporation Limited is the largest auto company on China's A-share market. SAIC Motor strives to grasp the trend of industrial development and speeds up the innovation-driven industrial transformation, and it is growing into a full-range vehicle products and services provider from a traditional manufacturing enterprises. SAIC Motor's business covers the research, production, and vehicle sales of both passenger cars and commercial vehicles. For more information about SAIC MOTOR go to http://www.saicmotor.com.
About SAIC VENTURE CAPITAL
SAIC Venture Capital is a corporate venture capital firm established in 2014. We are one of the most active automotive focused fund US. The team invests in cutting-edge technologies that fits in the thesis of "Autonomous", "Connected", "Electrify" and "Sharing". We are located on Sandhill Road, Menlo Park, California, at the heart of Silicon Valley. For more information about SAIC VC go to http://www.saicvc.com.
About SAIC MOTOR INNOVATION CENTER
SAIC Innovation Center, founded in 2015, is located in the core of Silicon Valley, California. SAIC Innovation Center has become the Pilot of SAIC in Silicon Valley for innovative practices in technologies, business models and new emerging industries. On June 28, 2017 SAIC Innovation Center (LLC) officially obtained the California permit for testing self- driving vehicles; that is, SAIC Motor's autonomous vehicle can be found running on the public road in California. The permit covers two cars and one driver. SAIC becomes the 35th organization to receive a permit, following automakers Ford, GM, Honda and Tesla. In addition, it's the first Chinese Automobile OEM to be granted permit in California Valley and beyond. Backed by SAIC MOTOR, a top automaker in China, SAIC Innovation Center is inclusive and diversified. For more information about SAIC IC go to http://www.saicic.com.
About Plug and Play
Plug and Play is a global innovation platform. We connect startups to corporations and invest in over 150 companies every year. Since inception in 2016, our programs have expanded worldwide to include a presence in 27 locations globally giving startups the necessary resources to succeed in Silicon Valley and beyond. With over 6,000 startups and 200 official corporate partners, we have created the ultimate startup ecosystem in many industries. We provide active investments with 220 leading Silicon Valley VCs, and host more than 365 networking events per year. Companies in our community have raised over $6 billion in funding, with successful portfolio exits including Danger, Dropbox, Lending Club, PayPal, SoundHound, and Zoosk. For more information, visit www.plugandplaytechcenter.com/mobility
Plug and Play
SAIC Venture Capital
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SOURCE Plug and Play